What is the Role of Authority in Online (Informal) Learning Communities?

Do social networking tools diminish the role of faculty and other authoritative sources in learning? We read about the wisdom of crowds, and I see my own children consulting (usually via 15 IM windows) friends and networks for homework help instead of the teacher-created website. Do these communicative tools portend a chaotic "yellow learning" environment where the most connected claim is given the highest "tag" rating and thus the most credence? The constructivist part of me applauds connectivism while the "Dad" part worries the connections may not be accurate. And yet I know that if we attempt to impose order on an essentially anarchistic environment, we will destroy the spontaneity, the very life of that connected world. And if I start actively using MySpace, my daughter will then declare that MySpace is for "old people" and move on to something cooler.